US SB1141 | 2015-2016 | 114th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on April 30 2015 - 25% progression, died in committee
Action: 2015-04-30 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2571-2572)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 30 2015 - 25% progression, died in committee
Action: 2015-04-30 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2571-2572)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Small Business Tax Certainty and Growth Act of 2015 Expresses the sense of the Senate that Congress should undertake comprehensive tax reform to make the tax system fairer and simpler and to promote economic growth. Amends the Internal Revenue Code to: (1) make permanent the increased tax deductions for business start-up expenditures, organizational expenditures, and organization and syndication fees; (2) allow the cash accounting method for businesses whose gross receipts do not exceed $10 million (currently, $5 million); (3) exempt businesses whose gross receipts do not exceed $10 million from the requirement to use inventories; (4) make permanent a $500,000 allowance for expensing business assets, including computer software; (5) extend for one year the additional depreciation allowance for business assets (bonus depreciation); and (6) make permanent the 15-year straight-line depreciation allowance for qualified leasehold improvement, restaurant, and retail improvement property.
Title
Small Business Tax Certainty and Growth Act of 2015
Sponsors
Sen. Susan Collins [R-ME] | Sen. Robert Casey [D-PA] | Sen. Kelly Ayotte [R-NH] | Sen. Charles Schumer [D-NY] |
History
Date | Chamber | Action |
---|---|---|
2015-04-30 | Senate | Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2571-2572) |
Same As/Similar To
HB4068 (Related) 2015-11-18 - Referred to the House Committee on Ways and Means.
Subjects
Accounting and auditing
Business investment and capital
Contracts and agency
Corporate finance and management
Disaster relief and insurance
Economic performance and conditions
Food industry and services
Income tax deductions
Inflation and prices
Public contracts and procurement
Retail and wholesale trades
Small business
Tax administration and collection, taxpayers
Tax reform and tax simplification
Taxation
Business investment and capital
Contracts and agency
Corporate finance and management
Disaster relief and insurance
Economic performance and conditions
Food industry and services
Income tax deductions
Inflation and prices
Public contracts and procurement
Retail and wholesale trades
Small business
Tax administration and collection, taxpayers
Tax reform and tax simplification
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/senate-bill/1141/all-info |
Text | https://www.congress.gov/114/bills/s1141/BILLS-114s1141is.pdf |